Multifamily N Illinois

West Loop apartment property hits the market

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Apartment Investment Advisers (AIA) recently brought an 18-unit apartment offering to market in Chicago’s West Loop. AIA exclusively listed and is currently marketing the property located at 25 N. Bishop Street on behalf of the original developer.

The offering includes 18 apartments built in 2009 and 18 gated surface and garage parking spaces. The building features duplex downs on the first floors and duplex up penthouses on the fourth floors including atrium ceilings and private roof decks. Every unit has three bedrooms with two bathrooms, averaging over 2,000 square feet.

The subject property benefits from proximity to the booming restaurant and nightlife scene in nearby Fulton Market, and is three blocks from Skinner Elementary School, four blocks from the CTA Green Line train, half a mile from the 290 expressway, one mile to the 90/94 expressway and 1.5 miles to the Chicago loop. This apartment investment offering provides an extremely rare opportunity to acquire a new construction development in one of the most highly desirable neighborhoods of Chicago, which is seeing generational change, as evidenced by the larger developments in the surrounding area and the year over year rent growth.

AIA’s Jack Cassin is the broker handling the sale and notes there has been a minimal amount of existing multifamily investment opportunities available in the West Loop ever before. Today, any other development in the West Loop with units of this square footage are being delivered as condos. Given those market conditions, the product, and what Cassin calls “an additional cool factor that is off the charts,” AIA is expecting strong demand and a successful marketing campaign and sale.